First MFB for women entrepreneurs debuts April 30

The first Microfinance Bank in Nigeria and the West Africa sub-region primarily for women entrepreneurs with small scale businesses will be launched officially Thursday April 30, this year in Lagos.

This MFB initiated and established by NECA’s Network of Entrepreneurial Women (NNEW) has been established to minimise the circumstances that thwart the efforts of women with entrepreneurial skills and potentials from realising their business objectives.

According to Edobong Akpabio, publicity secretary of NNEW, a network established 10 years ago under the aegis of the Nigeria Employers Consultative Association (NECA), the bank is focused at helping women build strong businesses through access to much needed micro-finance. Akpabio said though the bank is primarily for women entrepreneurs in the society, it would also open financial access to both male and female youths.

Speaking further, she said, “The official commissioning will take place on Thursday, 30th April between 9.00 am to 11.00 am at the bank’s premises at Choice House, Oba Ogunnusi Road, Akiode Bus Stop, Ojodu, Lagos.”

Lola Okanlawon, president, NNEW, explained that the journey to establishing this women-focused MFB started when the network, in the first instance, established the NNEW Cooperative Multipurpose Society (NNEW-CMS) strictly for her members in 2011. “The NNEW-CMS has been a success and members have benefitted from its products and services,” Okanlawon added. Speaking further, she said, “However, the network further identified the large pool of women with micro-businesses who need business credit but lack the opportunity or eligibility to access it, hence the birthing of this wonderful idea – the NNEW Women’s Microfinance Bank Limited.”

According to Fayo Williams, first vice president of NNEW, NNEW Women’s Microfinance Bank Ltd is set to change the face of micro-finance in Nigeria.

The executives of NNEW have reiterated the fact that this bank will focus predominantly on women and youths in society with micro-businesses that are not given the desired attention by the commercial banks. The Bank has been granted a state license by the Central Bank of Nigeria (CBN) and is positioned to expand its branch network throughout Lagos in the next few years.

OLUYINKA ALAWODE